17 Dec 2014
USD/JPY resuming the downside sub 117 barrier
FXStreet (Guatemala) - USD/JPY is trading at 116.72, up 0.09% on the day, having posted a daily high at 117.10 and low at 116.24.
The yen is playing out its roll as a safe haven while markets are in risk off mode ahead of the FOMC and due to increased concerns of global economic stability. The Economic Minister of Japan has come out saying that he is looking for emergency economic measures this month for the Japanese economy.
As analysts at TD Securities noted, “As financial market volatility increased in recent days and EM currencies have struggled against the backdrop of declining oil prices, the JPY has started to play its usual safe-haven role”.
USD/JPY noteworthy levels
Spot is presently trading at 116.73, and next resistance can be seen at 116.78 (Weekly Classic S1), 116.91 (Hourly 20 EMA), 117.10 (Daily High) and 117.92 (Daily Classic R1). To the downside, essentially there is not a great deal protecting 115.50.
The yen is playing out its roll as a safe haven while markets are in risk off mode ahead of the FOMC and due to increased concerns of global economic stability. The Economic Minister of Japan has come out saying that he is looking for emergency economic measures this month for the Japanese economy.
As analysts at TD Securities noted, “As financial market volatility increased in recent days and EM currencies have struggled against the backdrop of declining oil prices, the JPY has started to play its usual safe-haven role”.
USD/JPY noteworthy levels
Spot is presently trading at 116.73, and next resistance can be seen at 116.78 (Weekly Classic S1), 116.91 (Hourly 20 EMA), 117.10 (Daily High) and 117.92 (Daily Classic R1). To the downside, essentially there is not a great deal protecting 115.50.